All Forum Posts by: Corey Young

Quote from @Shannon Butler:

Hello everyone. I am a new investor and just looking for a little guidance. I am currently in the South Florida area and the Market is Hot and Expensive!! My question is how are you guys valuing a property? like how are you guys deciding what your offer price should be? 

Hey Shannon,

ALOT goes into deciding what to offer on a property. Comps in the area, how long it’s been on the market, how desirable you think the property is, what you plan to do with the property, types of funding you can get to purchase the property. It’s best to do your due diligence and be thorough especially on your first property.   

do it

You should definitely go if that's what you want. Your age shouldn't be a factor. Speaking from experience (even though I was 31 when I went), it can feel a little intimidating when you meet people who are doing multi-million dollars deals multiple times a year and you only have knowledge and a couple of SFH deals under your belt, but it shows you that it's possible with a little bit of guts and determination.

Plus I got a ton of books at a discount and got to meet Tarl Yarber who gave me some great advice. 

Sorry for a silly question, but what is the dress code? I didn’t see anything on the bpcon site and I’m just trying to plan ahead. 

@Alexandra Hughes Pailet

Looking forward to it!

Still hot in East Texas. Property that sold for 360k last year just sold for 488k. Haven’t seen much in the multi-family area (haven’t looked hard), but single families are getting bought quickly and for prices over 25% higher than last year. 

@Jim K.

The title is misleading. Where does the winning start?

What is the benefit of an adjustable rate mortgage over your typical 30 year mortgage? Are you hoping to get out of the mortgage payment before the rate goes up? What is the spread annually after the five years? 2%? 4%?

The main reason I've seen that people use hard money is because they cannot find banks willing to take on the financial burden of a distressed property they would have a hard time recouping their money on if you happen to default on your loan. 

@Jeff Peacock 

I would consider it if I could find a cheap lot and a contractor who would do it for a fair price. It wouldn’t be in the next 6-12 months based on the price increase of construction materials. I would also have to verify the thoroughness of the building inspector. The one who looked at my house in Bullard cut corners until I told him I wasn’t okay with it. 

I didn’t bother reading everyone’s responses because they’re just guessing, but he put out an article saying exactly why he stopped at https://www.biggerpockets.com/...